Abacus Life Announces Closing of Public Offering of 11,500,000 Shares of Common Stock
24 Junho 2024 - 5:21PM
Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
pioneering alternative asset manager specializing in longevity and
actuarial technology, today announced the closing of its
oversubscribed underwritten public offering of 11,500,000 shares of
its common stock, including the exercise in full by the
underwriters of their option to purchase an additional 1,500,000
shares of common stock, at the public offering price of $8.00 per
share. The gross proceeds raised in the offering, before
underwriting discounts and commissions and estimated expenses of
the offering, were approximately $92 million.
Abacus intends to use net proceeds for its
operations, including the purchase of life settlement policies, to
support its overall business strategy, for working capital purposes
and for general corporate purposes, which may include repayment and
refinancing of its indebtedness.
Piper Sandler & Co., TD Securities (USA)
LLC, B. Riley Securities and KKR Capital Markets LLC acted as joint
book-running managers and representatives of the underwriters for
the offering.
A registration statement on Form S-1 relating to
this offering was declared effective by the Securities and Exchange
Commission (“SEC”) on June 20, 2024. A final prospectus relating to
and describing the terms of the offering was filed with the SEC on
June 21, 2024 and may be obtained from: Piper Sandler & Co. by
mail at 1251 Avenue of the Americas, 6th Floor, New York, NY 10020
or by email at prospectus@psc.com; TD Securities (USA) LLC by mail
at 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (855)
495-9846 or by email at TD.ECM_Prospectus@tdsecurities.com; B.
Riley Securities by mail at 1300 17th Street North, Suite 1300,
Arlington, VA 22209, by telephone at (703) 312-9580 or by email at
prospectuses@brileyfin.com; or KKR Capital Markets LLC by mail at
30 Hudson Yards, 75th Floor, New York, NY 10001, Attention:
Prospectus Delivery; or by accessing the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares of the
Company’s common stock or any other securities, nor shall there be
any sale of such shares of common stock or any other securities in
any state or other jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Abacus Life,
Inc.
Abacus is a leading vertically integrated
alternative asset manager and market maker, specializing in
longevity and actuarial technology. The Company is democratizing
the life insurance space through three groundbreaking new channels:
ABL Tech, ABL Wealth, and ABL Longevity Funds. Since 2004, Abacus
has purchased life insurance policies from consumers seeking
liquidity and has actively managed those policies over time (via
trading, holding, and/or servicing). With over $5 billion in face
value of policies purchased, Abacus has helped thousands of clients
maximize the value of life insurance. Abacus is the only public
life settlement company, trading on the Nasdaq Exchange under the
ticker symbol ABL.
Forward-Looking Statements
This communication may contain certain
forward-looking statements within the meaning of the federal
securities laws with respect to the offering. These forward-looking
statements generally are identified by the words “believe,”
“predict,” “project,” “propose,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “scales,”
“representative of,” “valuation,” “potential,” “opportunity,”
“plan,” “may,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” and similar expressions or the
negatives of these terms or variations of them. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are inherently subject to risks and
uncertainties. These forward‐looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are beyond Abacus’
control, are difficult or impossible to predict and may differ from
assumptions. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
communication, including but not limited to: (i) the risk that
demand for Abacus’ life settlement and related offerings do not
grow as expected, (ii) the ability of Abacus to retain existing
customers and attract new customers, (iii) the potential inability
of Abacus to manage growth effectively, (iv) the potential risks
associated with Abacus’ revenue being concentrated in a limited
number of customers, some of which are related parties, (v) the
potential inability of Abacus to grow its market share of the life
settlement industry or to achieve efficiencies regarding its
operating model or other costs, (vi) negative trends in the life
settlement industry impacting the value of life settlements,
including increases to the premium costs of life insurance
policies, increased longevity of insureds, and errors in the
methodology and assumptions of life expectancy reports, (vii) legal
challenges by insurers relating to the validity of the origination
or assignment of certain life settlements, (viii) the
enforceability of Abacus’ intellectual property rights, including
its trademarks and trade secrets, and the potential infringement on
the intellectual property rights of others, (ix) Abacus’ dependence
on senior management and other key employees, and (x) the risk of
downturns and a changing regulatory landscape in the industry in
which Abacus operates. The foregoing list of factors is not
exhaustive.
Nothing in this communication should be regarded
as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. You should carefully consider the foregoing factors and
the other risks and uncertainties which will be more fully
described in the documents filed by Abacus from time to time with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers of this communication are cautioned not to
put undue reliance on forward-looking statements, and Abacus
assumes no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Abacus gives no assurance that it will
achieve expectations.
Contacts:
Jeff SmithDirector of Marketing1-800-561-4148 |
jeff@abacuslife.com
Abacus Life Investor
Relationsinvestors@abacuslife.com
Abacus Life Public
Relationspress@abacuslife.com
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